Increase In Fuel Prices

The state is once again absorbing the increase in fuel prices

Minister Smotrich once again signed the orders reducing the excise tax on fuel and as a result the price of fuel will remain the same and not increase. The minister said after the signing: "The fight against inflation and the cost of living was and remains the main goal of the government and mine."

Illustration (Photo: Jamal Awad, Flash90.)

As in recent months, the Minister of Finance, Bezalel Smotrich, today (Thursday) once again signed orders reducing the excise tax and the purchase tax imposed on gasoline, as a result of which the price of fuel will remain the same.

Following the order: fuel prices will not change

The orders state that during the month of October 2023, the purchase tax and the excise tax imposed on gasoline will be reduced, so that there will be a reduction of 99 agorot in the price of a liter of gasoline for the consumer, compared to its price without tax reductions. Following the reduction, the price of a liter of gasoline for the consumer for the month of October is expected to stand at a level of NIS 6.94 per liter, unchanged compared to the month of September 2023.

We will remind you that since April 2022, against the background of the increase in fuel prices, temporary orders signed by the Minister of Finance have been in effect continuously, reducing the purchase tax and the excise tax applicable to gasoline. The hourly regulations in effect today result in a reduction of about 100 agorot from the price of a liter of gasoline for the consumer compared to the price without tax reductions.

The Ministry of Finance is looking for additional budgetary sources

This reduction was supposed to be reduced at the end of September so that there would be a reduction of only 13 agorot in the price of a liter of gasoline for the consumer compared to the price without tax reductions. For the purpose of financing the tax reduction for the month of October 2023, decreed that the reduction of 13 agorot which was supposed to remain in effect until the end of the year, will be canceled in the months of November and December 2023, by which time the Ministry of Finance intends to locate budgetary sources by the end of the year.

Bezalel Smotrich (Photo: Yonatan Zindel, Flash90.)

Finance Minister Bezalel Smotrich said after the signing of the orders: "The fight against inflation and the cost of living was and remains the main goal of the government and mine as finance minister, and preventing price increases from the causes of inflation is a correct and necessary step in this fight. We will continue to serve all the citizens of Israel and advance the Israeli economy, responsibly, and professionally."

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